The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have come up with different figures for the new national minimum wage for workers.
The Nigeria Labour Congress and the Trade Union Congress of Nigeria have come up with different figures for the new national minimum wage for workers.
According to the labour leaders, it is required to narrow the widening gap of poverty among the employed and mitigate the erosion of the living standards of Nigerian workers. According to Sessi, the cost of essential services such as food, housing, transportation, healthcare, and education has risen tremendously and astronomically, making most of these services and goods out of the reach of the workers.
“Out of the eight countries surveyed, Equatorial Guinea has the least amount as minimum wage which is $224 per month. This is way off from that of Nigeria which is $20 per month. The difference in the minimum wage in Equatorial Guinea compared to Nigeria is 1,195 per cent. The National minimum wage being asked for through this memorandum, i.e. ₦447,000/month is therefore apt for now,” he said.
“It has to be reiterated that the majority of governments at the sub-nationals can hardly sustain improved wages and salaries for their workers without a significant adjustment in some of the narratives in the national economy. “Every state in Nigeria has been blessed with one form of natural resources or the other. There is a strong appeal to move solid minerals from exclusive to concurrent legislative list,” Adeleke submitted.
The Central Bank of Nigeria has revealed that the country's foreign portfolio inflows exceeded $1 billion in February 2024.
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